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What Are the Most Common Types of Financial Fraud?

Victims of financial fraud are usually not aware of it until it is too late. Sometimes the perpetrator is someone that no one suspects, like an employee that the company assumed was loyal or a trusted advisor, and other times fraud is committed by strangers. There are many types of fraud, but the end result is the same.

Securities Fraud Lawyer in Fort Lauderdale

If you have been the victim of financial fraud, you need a reliable financial fraud attorney or securities fraud lawyer to fight for you. At Kelley/Uustal in Fort Lauderdale, we are dedicated to getting justice for all. For a free case evaluation, call us today!

There are numerous types of financial fraud. Here are just a few:

1) Embezzlement

This refers to the illegal use of money by someone who is in control of that money. Examples would be an accountant who takes company funds and uses them for a personal need. Anytime an employee is given responsibility over company funds, it requires a great degree of trust. Embezzlement is the breaking of that trust.

2) Payoffs

This is a situation where an employee receives a payment or some other benefits in order to give someone access to the company, usually in a way that benefits the other company more than the employee’s company. This is illegal because it is a form of bribery.

3) Skimming

Skimming occurs when an employee takes money from a customer without recording it in the books as revenue. This type of fraud is often done in conjunction with other types of fraud, like embezzlement, as a means to cover up inappropriate use of company funds.

4) Internal Theft

This is what happens when an employee steals assets from the company, usually taking items out of inventory without paying for them. Unfortunately, this is a common crime, and it is the reason why so many companies experience inventory shrinkage.

These are just a few examples of the types of financial fraud that companies deal with all of the time. Although they can happen to any business, small businesses are the ones hit the hardest. Embezzlement, in particular, can run a small company into the ground.

If you have been the victim of any kind of financial fraud, you need someone on your side who is dedicated to getting justice for you. Kelley/Uustal in Fort Lauderdale can provide a tenacious financial fraud attorney or securities fraud lawyer to fight for you. For a free case evaluation, call us today.

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